letsfocus - April 2009
Above and Beyond EPC's
Susan Fitz-Gibbon looks at the ins and outs of current legislation and tenancy agreements, and asks how it is affecting the market
Dinner party conversations have got a lot more interesting in recent months. Of course there's always the topic of our ‘unchangeable market' to fall back on but the arrival of EPC's for residential lettings has certainly sparked an on-going debate surrounding their usefulness – or not. Are tenants showing any preference for homes with high energy ratings? Are they attracted by the prospect of lower fuel bills and are landlords really that bothered? Has anyone, in fact, even mentioned them today?
So far the Energy Performance Certificate seems to be failing in its commendable aim to raise eco-awareness however it's still early days and it remains to be seen how public opinion will progress on this subject. For years, we seen a purposeful shift in attitudes towards the rental market sector and as more people choose to rent, landlords have responded to the demands for professional interior design, integrated technology and luxury bathroom suites. So could the market progress to a level where landlords actively construct, and tenants seek environmentally conscious house? Maybe. It's a long way off but shifts in behaviour start somewhere.
Private landlords in Richmond have recently constructed an eco-house built solely with a view to rent – an unthinkable prospect even twenty years ago. What is interesting here though is not the fact that this is an environmentally conscious home, but that the landlords have developed the property in this way because they ‘do not believe …. tenants would be prepared to compromise'.
This reflects not only the socio-economic change in that ‘tenants are no longer the poor relations to buyers' but also gives a glimpse into an environmental method of thinking that could possibly penetrate the rentals market over the coming decades.
Offered at £612 per week through our St Margarets office, the property has been built over four floors to incorporate a full-height basement, natural clay roof times, heating by means of a ground source heat pump, comfort cooling and underfloor heating on all four floors. Naturally the build costs were higher than one might expect to pay in the construction of a conventional three bedroom semi, yet its owners are not avid eco-warriors. Whilst the 5000 litre water tank buried under the patio is a green way of harvesting rainwater it's also a pretty sensible solution to watering the garden.
High performance windows have been installed to satisfy the most discerning of tenants and the owners have also deemed it necessary to override their architect by ploughing funds into a sold squeak-proof concrete staircase and added soft close doors to protect tiny fingers. The project was a labour of love designed to "exceed expectations" and do "the very best job" possible. More than ever, we're seeing landlords setting higher benchmarks in response to market demands and who knows, environment concerns could well become a contending factor in years to come. After all, this property gives tenants an outstanding level of comfort in a home that blends effortlessly with the locality and its occupants' needs. It satisfies the home-searcher and the environment without being radical in its design.
In general, landlords do seem to be considering energy-related issues like domestic lighting more but I can't say the matter is pressing on clients' minds or that tenants have highlighted the need to search for properties with high EPC ratings – yet. The eco merits of a home like Kilmorey Gardens are significant because home-searchers appreciate the design as a whole but when it comes to the finer points of EPC's, many of us it seems are still struggling to find them!
Fitz-Gibbon, 127 St Margarets Road, St Margarets, Twickenham, Middx TW1 1RG. Call: (020) 8892 8921.